Saudi Arabia decided on Wednesday to cancel fees for issuing commercial activity licenses for hotels, hotel apartments and residential resorts in the kingdom, according to state news agency SPA.
The decision, effective September 4, is part of the Tourism Investment Enabler Program that Saudi Arabia launched in March, aimed at making the kingdom a global tourism powerhouse.
“This decision comes in line with the goals of the kingdom’s Vision 2030 to make Saudi Arabia one of the most prominent tourist destinations in the world”, SPA reported.
SPA added that the initiative would encourage investors to invest more money in the tourism sector, increasing the industry’s contribution to the gross domestic product.
Saudi Arabia’s Vision 2030 plans to modernise the Gulf Arab state and reduce its dependence on oil export revenues, with over $800bn invested in diversifying the economy.
